Florida Taxes Guide
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State Taxes Guide
According to a study commissioned by TaxFoundation.Org, Florida taxes rank at a 34. Here is an overview of the various Florida state taxes with which every business professional should be familiar.
Florida Payroll Tax
In Florida, the payroll tax setup looks like this:
- Medicare Tax = 1.45% on the first $200K
- Social Security Tax = 6.2% on the first $132,900
Florida Business Tax
Unless the business is a licensed and legal corporation, it will not likely be charged a “business tax” (sometimes called a business income tax). It can, however, be charged taxes on the various components involved in running that business (communications tax, etc.)
Florida Business Sales & Use Tax
Sales tax is a tax levied on consumer goods at the time a sale is made. Please see our “Florida sales tax” section. Use Tax is levied upon goods that were not charged a sales tax at the point of sale.
Florida Online Sales Tax
The Florida online sales tax adds a 6% sales tax to purchases made online, even on purchases made out of state. This tax is payable by the sellers to the state of Florida.
Florida Corporate Tax
Florida corporations are taxed an income tax rate of 5.5% income tax.
Here is an article about the Florida corporate tax.
Florida Employment Tax
Florida businesses pay “re-employment tax”, which is meted out in the following way:
- New Businesses: 2.7% on the first $7,000 earned by every employee every year.
- Established Businesses: 0.10% - 5.4% per employee.
Here is an article about Florida employment tax.
Florida Self Employment Tax
The self-employment tax rate in Florida is 15.3% (the same that an employer would pay for payroll tax).
Here is information about Florida’s self-employment tax.
Florida Sales Tax
Sales tax can be confusing for a lot of small business owners. The amount of tax charged varies from county to county. Some counties even charge a county sales tax on top of the state sales tax rate!
Here is more info about the Florida sales tax.
Florida Income Tax
Florida is one of the few states that doesn’t levy an income tax on individuals, sole proprietorships, S corporations or LLCs.
Here is an article about Florida income tax.
Florida Property Tax
The state of Florida does not collect property taxes. Property taxes are, however, levied at the local and county levels.
Here is an article about Florida property tax.
Florida Capital Gains Tax
Capital gains taxes are based on income that has been split into several different brackets. The amount of tax charged will depend on the capital gained.
Here is more about Florida’s capital gains tax.
Florida Estate Tax
Estate taxes are only charged on inheritances from those who died on or before December 31, 2004. No taxes are levied against estate inheritances for those who died after January 1, 2005.
Here is more about the Florida estate tax.
Florida Gift Tax
A “gift tax” is a tax levied on all “gifts” of money that exceed a specific amount. Florida does not charge one at the state level.
Here’s more info about the Florida gift tax.
Florida Business Payroll Tax
For more information, please see our “Florida Payroll Tax” section.
Florida Gross Receipt Tax
While Florida does not charge a general “gross receipt tax” they do charge a “gross receipt tax” on utilities.
This is a lot to keep track of! Thankfully, most of these tax payments can now be made and tracked online, which helps keep everything organized.
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Ada A.
Litigation and Discovery Management; Drafting and Filing of Pleadings, Motions and Briefs In Support; Preparation and Closing of Residential and Commercial Real Estate Sales and Purchase Transactions; Handling of Quiet Title Actions; Preparation and Filing of Probate Letters of Administration and Caveat Emptors; Review of Real Estate Documents and Settlement Negotiation.
December 11, 2023
Ido A.
Ido Alexander is dedicated to helping his clients identify risks and understand how to navigate the unknowns. He has a keen ability to sort through the noise to develop strategies for growth and advance clients' interests. An experienced counsel, he focuses on finding solutions for businesses, estate planning needs, helping resolve complex and strategic disputes, and at times restructuring through bankruptcy or out of court, while keeping his clients' financial health as the top priority.
December 11, 2023
Moshe G.
Motivated and self-starting Corporate and Commercial Counsel with over 12 years of experience in providing strategic legal solutions. Exceptional analytical and negotiation skills, focusing on Cyber Security, Finance, and Software. Proven track record of success in handling complex M&A matters. Expertly led negotiations and full five M&A transactions from start to finish (over $100M), resulting in successful integration including raising capital on Reg. A and Reg. D exemptions. Drafted, reviewed and negotiated commercial agreements including, Restructure Agreements Partnership Agreements, Asset Purchase Agreements, Stock Purchase Agreements, Restructure Agreements, Loan conversion Agreements, Debt Conversion Agreements. Provided business and capital strategy, such as restructuring of companies, due diligence, and SEC filings. Proven expertise in M&A and equity debt finance, with a track record of handling diverse clients. Provided strategic guidance on corporate governance, compliance, fiduciary duties, and ethical issues
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Alexis L.
I am an attorney in Michigan. I attended Boston College for my undergraduate degree and Suffolk University Law School for my law degree. I have been practicing law for over 20 years.
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James S.
Business and Real Property
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Brian S.
I am a corporate lawyer with over 15 years of experience in litigation and in advising companies on a variety of legal issues, including mergers and acquisitions, securities regulations, and contract negotiations. I have a deep understanding of the technology industry and have represented numerous tech companies in my career.
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